Before I go into the gory results of my trading systems, let’s first take a quick look at what happened earlier this week.
At a first glance of the charts, it would look like I got a signal after the weekend gap, as the pair jumped up by over 100 pips! But, once again, not all the filters lined up, as stochastics were already overbought. It turned out to be a good thing though, as the pair just ranged and seems to be dropping now and I’d be on the losing end if I actually got triggered. Yay for Huckie!
It looks like we might see the MA’s crossover again sometime later today…
The HLHB system hasn’t been doing too bad – I’m down 1.14% over the first quarter. I’ve had 8 trades that have gotten triggered, but I’ve only had two wins! These two wins basically covered up all my losses, and both of them came off strong down moves on the EURUSD. This isn’t so surprising, as the EURUSD has been on a nice downtrend. I just wish that I could have capitalized on it a little bit more.
I have been performing pretty well on my discretionary trading system though. I have gained a grand total of 439 pips for the first quarter, which roughly equates to a 4.36%. If I could keep up this performance, I’ll end up with around 17.44% by the end of 2010. Not bad, if I may say so myself!
For this week, it seems that risk appetite is back on track as the currencies managed to gap up higher against the dollar over the weekend. From what I read, the anti-dollars are usually correlated with the movement of equities. I guess the strong corporate earnings from US firms like Intel, JP Morgan Chase, and Google supported the gains of the major currencies. I guess this also explains why the EURUSD was able to gap and open up this week almost 100 pips higher.
However, just yesterday, the euro, along with other major currencies took a hit and fell against the dollar. Am I missing something here? In any case, I know that the market’s dynamics are kinda iffy like me so I’ll stick to what I know and continue to watch the price action next week. Hopefully, I’ll be able to bag some pips by then.
Also, don’t forget to hit me up at MeetPips.com. I also update my trades there, so be sure to check it out!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.